The combination of COVID-19 pandemic-related job losses followed by the Great Resignation has been a boon for the rise of small businesses. A recent report from Intuit found that 83% of people who want to start a business said COVID-19 has accelerated their plans. And based on the report's findings, Intuit predicted that 17 million new small businesses would be formed in 2022, which would make it a third consecutive record year for entrepreneurship.
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For those looking to start their own business, where you open up shop could be the key to success. To determine the fastest-growing cities for small businesses, OpenPhone analyzed 1,000 cities across the following factors: (1) year-over-year population growth, (2) number of new business formation applications filed in each county, (3) startup survival rate and (4) small business funding from 2019/2020 to 2021. Based on this analysis, these are the top 10 fastest-growing cities for small businesses.
Overall score: 8.29
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9. Marietta, Georgia
7. Bronx, New York
6. Alpharetta, Georgia
5. Minnetonka, Minnesota
4. Elk Grove, California
3. Folsom, California
2. Bentonville, Arkansas
1. Apex, North Carolina
This article originally appeared on GOBankingRates.com: 10 Fastest-Growing Cities for Small Businesses in the US